chi-MidpointeApartments (2) Midpointe Apartments in the Mt. Greenwood neighborhood.

CHICAGO—The competition to acquire healthy multifamily communities in the Chicago region can get intense, and not just for properties near downtown or on the North Shore. After attracting a lot of investor interest, Castle Lanterra Properties recently sold Midpointe Apartments, a 424-unit multifamily property at 4050 W. 115th St. on Chicago’s southwestern corner, to a fund manager. Suffern, NY-based CLP purchased Midpointe in April 2014 for $28.5 million, and refinanced it three years later for $40 million. Company officials say the $49.5 million sale price should generate an internal rate of return of 36%.

“Generally, we are a much longer-term owner,” Elie Rieder, founder and chief executive officer of CLP, tells “We would have been happy to hold onto this property. But there was very strong interest from many qualified buyers, both institutional investors and family offices.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.

More from this author



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.